Insider Selling: MetroCity Bankshares, Inc. (NASDAQ:MCBS) President Sells 1,868 Shares of Stock

by · The Cerbat Gem

MetroCity Bankshares, Inc. (NASDAQ:MCBS – Get Free Report) President Farid Tan sold 1,868 shares of MetroCity Bankshares stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $35.55, for a total transaction of $66,407.40. Following the transaction, the president now directly owns 922,020 shares in the company, valued at approximately $32,777,811. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Farid Tan also recently made the following trade(s):

  • On Wednesday, November 6th, Farid Tan sold 21,000 shares of MetroCity Bankshares stock. The shares were sold at an average price of $33.81, for a total value of $710,010.00.

MetroCity Bankshares Stock Performance

Shares of NASDAQ:MCBS traded up $0.33 during trading hours on Wednesday, hitting $35.14. The stock had a trading volume of 12,268 shares, compared to its average volume of 33,396. The stock’s fifty day simple moving average is $30.59 and its 200 day simple moving average is $28.06. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.24 and a current ratio of 1.24. The firm has a market capitalization of $890.10 million, a price-to-earnings ratio of 15.19 and a beta of 0.60. MetroCity Bankshares, Inc. has a 1-year low of $19.85 and a 1-year high of $35.79.

MetroCity Bankshares (NASDAQ:MCBS – Get Free Report) last issued its quarterly earnings results on Friday, October 18th. The company reported $0.65 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $0.01. The company had revenue of $60.45 million during the quarter. MetroCity Bankshares had a net margin of 25.54% and a return on equity of 14.97%.

MetroCity Bankshares Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 8th. Stockholders of record on Wednesday, October 30th were given a dividend of $0.23 per share. The ex-dividend date was Wednesday, October 30th. This is a positive change from MetroCity Bankshares’s previous quarterly dividend of $0.20. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.62%. MetroCity Bankshares’s payout ratio is 39.66%.

Institutional Investors Weigh In On MetroCity Bankshares

Hedge funds have recently made changes to their positions in the company. Sanctuary Advisors LLC acquired a new position in MetroCity Bankshares during the second quarter valued at $377,000. Creative Planning bought a new position in MetroCity Bankshares during the third quarter valued at about $331,000. SG Americas Securities LLC acquired a new stake in MetroCity Bankshares in the 3rd quarter worth approximately $212,000. Bank of New York Mellon Corp lifted its stake in shares of MetroCity Bankshares by 1.7% in the second quarter. Bank of New York Mellon Corp now owns 123,188 shares of the company’s stock worth $3,252,000 after buying an additional 2,049 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of MetroCity Bankshares by 1.5% in the first quarter. Vanguard Group Inc. now owns 981,024 shares of the company’s stock worth $24,486,000 after purchasing an additional 14,868 shares during the period. Hedge funds and other institutional investors own 25.33% of the company’s stock.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods increased their price target on MetroCity Bankshares from $32.00 to $34.00 and gave the stock a “market perform” rating in a research report on Tuesday, October 22nd.

View Our Latest Analysis on MCBS

MetroCity Bankshares Company Profile

(Get Free Report)

MetroCity Bankshares, Inc operates as the bank holding company for Metro City Bank that engages in the provision of banking products and services in the United States. It offers customary banking services, such as consumer and commercial checking accounts, savings, and money market accounts, as well as certificates of deposit.

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